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In which city can I generate more money?

#finance #financial-planning #money

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Thank you comment icon Please, generating more money in in a particular city depends on the following :- 1. The type/kind of business/job. 2. General qualification. 3. The extent of your KNOWLEDGE and EXPERIENCE in the business. 4. Marketing situation. 5. General economic situation. 6. Favourable government policies. Best wishes to you. Anthony Kofi Hene-Amoah
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Allen’s Answer

This is an interesting question. There are a ton of factors that go into this: average cost of living, what career you are in/the demand for that career per area, housing, industry growth in that region, income taxes... The point is, the places that cost more money to live typically pay more to compensate for this, and vice versa.

General covid-era advice though, if your company bases its pay on the state you live in as opposed to the area code, you could stand to make a California salary in an Arizona-like part of the state. You just have to be ok living in the desert or at least out of the super nice areas. Just an idea.
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Vincent’s Answer

Hi Edwin -

I'm not sure if there's a particular city that you can make more in. You may be able to find more opportunities for the field you're looking to move into based on the city. If you are looking for a job in Finance, you may find more opportunities in New York City compared to a smaller city. On the contrary, the cost of living will also be much higher in New York City in comparison. If you're looking for careers in technology, Silicon Valley has a ton of opportunities in technology. You also may be able to find a job that is completely remote in technology that allows you to live anywhere.

Best of luck!

Vince
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Davis’s Answer

Hi Edwin,

Historically, living in a metro such as Los Angeles, New York, or Chicago have had higher compensation than similar positions across the country, generally in order to compensate for the higher cost of living in these places. However, with the popularization of remote working in this Covid era, it is now more possible to command the same wages without having to live in these more expensive cities.

I would recommend researching the Cost of Living in these different cities, as well as other's I'd not mentioned. You can view the latest research here at the Cost of Living Index from the Council for Community and Economic Research. https://www.coli.org/ From there, you can connect with employers for informational interviews to determine what they may pay for the prospective position in those locations.
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Christopher’s Answer

In the current climate depending on your skillset you can command the same salary throughout the country. Big Business has allowed for virtual workplace which can give you the benefits of larger salary with lower cost of living.
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Harrison’s Answer

I think this depends on the cost of living of the particular city you're interested in. A state with low or no income tax can help aid you're decision as well. Good luck!
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Jerin’s Answer

Dear Edwin ,

Thanks for your question .

There are many cities in California where you can earn a lot , also many jobs in Financial sector in New York pays you a lot . It mainly depends on the job you are planning to take .

You can have an income of $300K an year, but how much of it, will you keep as savings , is what is going to matter, for that you have to think about the job you are planning to have , the state income taxes , cost of living , and so many other things .

Thanks and Regards,
Jerin
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Matthew’s Answer

This will really depend on the cost of living in the cities you are looking into. However, a lot of the time, the pay from employers will be equivalent to to the cost of living in the city, but not always the case. Best case, is to find a position with a company that pays higher wages for the role that is set in a low cost of living location. Not always easy to just find. A lot of the time you will need to start at the ground floor and work your way up to a higher earning potential. What also helps is living in a state with no income tax.
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Kenneth’s Answer

Hello, Edwin. It would be good to have more information about what you mean by generating more money. Are you referring to salary from a job? If so, it is important to consider your salary AND the cost of living in the area where you will reside. Generally speaking, the larger the city, the greater the salary, however, the industry in which you work is also a factor. New York City is a finance center, so if you worked in the field of finance, New York City could be an excellent option. Of course, the cost of living there and in the surrounding communities is high, so there is a trade-off you must consider.
If "generating more money" means increasing sales for your business, you would need to do market research about the products or services you offer and determine if the demographics of the city you are considering are favorable.
Good luck in the search!

Kenneth recommends the following next steps:

Clarify what you mean by "generating more money"
Review the economics of large cities you may wish to live in and see if you might generate the income you seek.
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Hassan’s Answer

It would be hard to answer your question without information on your skillset that would enable you to earn money.

Another way to look at it https://www.investopedia.com/articles/personal-finance/110315/5-us-cities-high-paychecks-and-low-cost-living.asp list the cities with the highest avg. pay compared to cost of living. So in theory, you're be better off living there working most any job.
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Langston’s Answer

This questions could have many different answers. I think in the past we could say that higher incomes are typically found in larger, more industrialized cities. This is where all of the large firms are and typically they have the resources to pay more competitive salaries.

However this is changing. As the workplace becomes more and more remote there are several highly desired positions that can be done remotely, enabling you to work from anywhere and make a good salary. There are other factors to consider of course. Many companies adjust salaries to match the cost of living. People who work in more expensive cities require higher salaries to account for this.

I hope this helps.
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Nicholas’s Answer

In my opinion, there are 2 factors to look for but they act opposite of one another. Large cities (Chicago, NYC, LA) with with many opportunities will come at a cost in terms of living. It is important to find a balance between up and coming areas that are growing rapidly that aren't as expensive to live in. This will present you with many opportunities while giving you the ability to save.
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